CAIRO, Jan 30 (MENA) - The National Bank of Egypt (NBE) announced it will stop offering annual term deposit saving certificates with 22.5 and 25 percent return on Tuesday.

This is the highest return on saving certificates in Egypt.

The Bank said in a statement on Monday that the proceeds of these new saving certificates in the Bank have so far reached nearly 290 billion Egyptian pounds.

The NBE offered an investment certificate with a return of 25 percent annually for one year only and without renewal, as the return is paid at the end of the period, or an investment certificate with a return of 22.5 percent, paid monthly.

The measure is aiming to reduce inflation rates and withdraw liquidity from the market and thus countering inflation. (MENA)
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